Dynamics of underwriting profits: Evidence from the U.S. insurance market
學年 100
學期 1
出版（發表）日期 2012-01-01
作品名稱 Dynamics of underwriting profits: Evidence from the U.S. insurance market
作品名稱（其他語言）
著者 Jiang, Shi-Jie; Nieh, Chien-Chung
單位 淡江大學財務金融學系
出版者 Amsterdam: Elsevier BV * North-Holland
著錄名稱、卷期、頁數 International Review of Economics & Finance 21(1), pp.1-15
摘要 U.S. property–liability insurance markets have displayed insurance cycles, with their swings in underwriting profits, for nearly a century. Various hypotheses have been developed to explain these fluctuations, as follows: financial pricing hypothesis, capacity constraint hypothesis, financial quality hypothesis, option pricing approach and economic pricing hypothesis. Consistent with previous studies despite of examining whether variables possess unit roots, performing an ARDL bound test on underwriting profits from 1950 to 2009 demonstrates that the economic pricing hypothesis may be the most suitable model for explaining historical insurance pricing. An evident cyclical pattern in underwriting profits is explained as dynamic feed back to the long-term equilibrium. Considerable evidence suggests that the supply effect of risk-averse insurance companies has dominated U.S. insurance markets during the last half century.
關鍵字 Insurance cycle;Underwriting profits;ARDL approach
語言 en_US
ISSN 1059-0560
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者
審稿制度 是
國別 NLD
公開徵稿
出版型式 ,電子版,紙本
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